GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0990-1.1050

Today’s expected range for the Canadian Dollar against the Euro is 1.5220-1.1280

Today’s expected range for the Canadian Dollar against Sterling is 1.8510-1.8570

The US Dollar is marginally weaker this morning against the Euro and Sterling as once again quiet FX markets are the rule, FX markets for the moment seem to be ignoring the rising tensions in the Ukraine and the break-down in Middle-East peace talks between the Palestine’s and Israel. In the UK Sterling was a little higher on a better than expected Retail Sales report for March but even the Pound did not jump all that much on this report, it just highlights how little interest the currency markets are generating at the moment.

In an interesting development last night the Russian Central bank raised interest rates in what can only be considered a last ditch effort to keep money from flowing out of the country, faced with likely downgrades from the bond rating agencies Russia needed to do something to keep foreign money in the country, if they continue with their invasion of Ukraine, I am not sure that high rates will have much of an effect on capital leaving the country. There is huge country risk with investment in Russia at the moment.

Nothing new to report on the Canadian Dollar, It feels like the movie Groundhog Day where we wake up and the rate is just the same, eventually sooner than later volatility will return and we will see the Loonie on the move again. With only the US Michigan Consumer Confidence report due out today, I am not expecting that much to happen, it may take a new round of important economic numbers in Early May to get the markets moving.

Have a great weekend

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1023			1.1017
CAD/USD		0.9079			0.9077
EUR/USD		1.3835			1.3823
EUR/CAD		1.5255			1.5234
STG/CAD		1.854			1.8501
AUD/CAD		1.0236			1.021
CAD/JPY		92.58			92.93
CAD/CHF		0.7991			0.8011
CAD/HKD		7.0271			7.0312
CAD/CNY		5.6703			5.6694
CAD/MXN		11.9			11.8847
Commodities
Gold		$1,297.00			$1,279.00
OIL		$101.45			$101.86
US DOLLAR INDEX
P.CLOSE		79.79			79.86
OPEN		79.7			79.8
US 10YR YIELD		2.67%			2.70%